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2018 Senate Bill 838: Authorize more local “pension obligation bonds”

Public Act 575 of 2018

Introduced by Sen. Jack Brandenburg (R) on February 21, 2018
To extend for another two years the Dec. 31, 2018 sunset on a law passed in 2012 to allow local governments to borrow money to cover unfunded employee pension liabilities, which is allowed only if the local has closed its traditional “defined benefit” pension system to new employees. The law also allows locals to incur long term debt to pay for future retiree health insurance costs, which unlike pensions are not legally enforceable obligations. This would be the third extension of this deadline.   Official Text and Analysis.
Referred to the Senate Finance Committee on February 21, 2018
Reported in the Senate on March 1, 2018
With the recommendation that the bill pass.
Received in the House on December 5, 2018
Referred to the House Michigan Competitiveness on December 5, 2018
Reported in the House on December 18, 2018
With the recommendation that the substitute (H-3) be adopted and that the bill then pass.
Received in the Senate on December 19, 2018
Passed 38 to 0 in the Senate on December 19, 2018.
    See Who Voted "Yes" and Who Voted "No".
To concur with the House-passed version of the bill.
Signed by Gov. Rick Snyder on December 28, 2018

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